Warehouse Group buys Noel Leeming

  • Breaking
  • 09/12/2012

By 3 News online staff

The Warehouse Group says it has signed an agreement to purchase Noel Leeming Group.

The deal will see The Warehouse Group pay $65 million to acquire Noel Leeming Group, which will continue to operate as a separate trading division "with its own retail brand positioning and personality".

"We are impressed with the performance of Noel Leeming Group over the past three years with strong management leading a talented team in the specialist consumer electronics and home appliance sector," says Warehouse CEO Mark Powell. "We believe in the future growth of this retail sector, and are pleased that the current management team has agreed to stay with the business."

Warehouse chairman Graham Evans says the purchase is a "strategic acquisition" which supports the company's "transformation into New Zealand’s pre-eminent non-food retail business".

3 News

source: newshub archive